Jan 5 (Reuters) - MICHELIN ::‍MICHELIN SUCCESSFULLY PLACES USD 600 MILLION NON-DILUTIVE CASH-SETTLED CONVERTIBLE BONDS DUE 2023​.REG-MICHELIN : SUCCESSFUL NON-DILUTIVE CONVERTIBLE 2023 BONDS ISSUE OF MICHELIN.USD-DENOMINATED DEBT WAS IMMEDIATELY CONVERTED INTO EUROS.‍BONDS WILL BE ISSUED AT AN ISSUE PRICE OF 95.50% OF THEIR NOMINAL VALUE ON JAN 10, EXPECTED SETTLEMENT DATE​.‍BONDS WILL HAVE A NOMINAL VALUE OF USD 200,000 PER BOND​.BONDS WILL NOT BEAR INTEREST AND WILL BE REDEEMED AT PAR ON NOVEMBER 10, 2023.‍BONDS HAVE BEEN OFFERED VIA AN ACCELERATED BOOKBUILDING PROCESS.CONSIDERING OFFERING, CO AGREED TO A LOCK-UP UNDERTAKING IN RELATION TO ITS SHARES AND EQUITY-LINKED SECURITIES.LOCK-UP FOR A PERIOD ENDING 60 CALENDAR DAYS AFTER SETTLEMENT AND DELIVERY DATE.
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Jan 5 (Reuters) - Michelin ::‍MICHELIN LAUNCHES AN OFFERING OF NON-DILUTIVE CASH-SETTLED CONVERTIBLE BONDS DUE 2023 FOR $500 MILLION.MICHELIN SAYS OFFERING MAY BE INCREASED UP TO $600 MILLION IF THE INCREASE OPTION IS EXERCISED IN FULL.MICHELIN WILL PURCHASE CASH-SETTLED CALL OPTIONS TO HEDGE ITS ECONOMIC EXPOSURE TO POTENTIAL EXERCISE OF THE CONVERSION RIGHTS EMBEDDED IN THE BONDS .MICHELIN SAYS THE BONDS WILL NOT RESULT IN THE ISSUANCE OF NEW SHARES OR THE DELIVERY OF EXISTING SHARES OF MICHELIN UPON CONVERSION .MICHELIN INTENDS TO USE THE NET PROCEEDS OF THE ISSUANCE OF THE BONDS FOR GENERAL CORPORATE PURPOSES, INCLUDING PURCHASE OF CASH-SETTLED CALL OPTIONS .
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Jan 3 (Reuters) - Michelin ::‍MICHELIN NORTH AMERICA INC. (MNAI) AND SUMITOMO CORPORATION OF AMERICAS (SCOA) TO COMBINE THEIR RESPECTIVE NORTH AMERICAN REPLACEMENT TIRE DISTRIBUTION AND RELATED SERVICE OPERATIONS IN A 50-50 JOINT VENTURE​.‍MICHELIN AND SUMITOMO CORPORATION TO CREATE SECOND-LARGEST PLAYER IN THE WHOLESALE TIRE MARKET IN THE UNITED STATES.BASED UPON THE ENTERPRISE VALUE OF EACH BUSINESS ($160M FOR TCI WHOLESALE AND $1,520M FOR TBC), MICHELIN WOULD CONTRIBUTE A CASH PAYMENT OF $630 MILLION TO SCOA AND TCI WHOLESALE TO EQUALIZE OWNERSHIP IN THE JV..
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Nov 20 (Reuters) - Compagnie Generale Des Etablissements Michelin Sca :Michelin says remains optimistic on long-term China growth and also says it is selling a stake it has in double coin warrior tire co. Ltd.Michelin has 40 percent of shares, says Qu'Huayi Group to buy 30 percent stake from it and other 10 percent to be taken by Double Coin.
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